THE USE OF ACCOUNTING INFORMATION IN PUBLIC CORPORATION
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TABLE OF CONTENT
TABLE OF CONTENTS
1.1 Statement of the Study
1.2 Purpose of the Study
1.3 Significant of the Study
1.5 Definition of Terms
2.0 LITERATURE REVIEW
2.2 Definition of Accounting
2.3 Business Accounting
2.4 Scope of Accounting
2.5 Function of Accounting in Business
2.6 Accounting Information System
2.7 The Usefulness of Accounting Information System, In Public Corporation
3.0 RESEARCH METHODOLOGY
3.2 Historical Background of the Corporation
3.2 Sources of Data
3.3 Population and Sampling Description
3.4 Research Instrument
4.1 Data Analysis and Interpretation
5.0 Conclusion and Recommendation
5 1 Conclusion
Public corporation can be defined as the types of business organization that are established by a special act (or ordinance) of the parliament. Public corporations and business owned and financed by the federal, state and local government, as the case may be in the public interest.
They can be explained and described also as the type of business) organization thoroughly and solidly established by act of parliament to provide public utilities. This participation in the productive and commercial part of a country’s economy.
There are some areas in the economy where it is felt that the free enterprises system and private sector competition should not allowed, as they would exploit the public such as should be run by the government in the pubic interest. Therefore, in Nigeria, where there is a three-tier system of government; The local government, state government and the federal government do run certain enterprise so as to provide essential service for the people.
TYPES AND FORMATION
Public enterprise can be categorized into public corporations or boards or quasi government department.
Government corporations are enterprises that have commercial functions, which are normally established of the federal level by an act of parliament or decree, which specially refers to the corporation. Each corporation, board or authority had a particular or decree establishing it. The cat will take the objectives and of the corporation and specify its power and how it is to be run and managed. At the state level, public corporations are established by a state judge at the local government level are established by social edicts.
For instance, the National Insurance Corporation of Nigeria (NICON) was established. Decree 22 of July, 1969 to ‘write all classes of insurance such as fire, Motor accident, workmen’s compensation, marine and aviation, I did Risk…Among others.
The Nigeria ports authority (NPA) was established in 1955 to “identify and satisfy the demand for port facilities and services at minimum cost to the nation”.
While the Nigeria enterprises promotion board was established in 1972 to advance and promote enterprise in which Nigerians are encouraged to participate fully and play important roles”.
Other corporations and board the federal level includes:
- The federal radio corporation of Nigeria (FRCN).
- The Nigerian railways Corporation (NRC)
iii. The central bank of Nigeria (CBN).
- The National Electric Power Authority (NEPA).
- The Nigerian telecommunication Limited (NITEL)
- The Nigerian national Petroleum Corporation. (NNPC)
vii. The Nigeria coal Corporation (NCC)
viii. The Nigeria cost corporation (NCC).
Mention may be made of the universities, Polytechnics, College of Education and the research institute which is public sector educational enterprise established by relevant federal acts, decree or state laws is the case be.
Pubic corporations are to be independent of the central government as possible. Thus, they are by Boards or councils each of which has the board of Directors of A Company. Each corporation also have general Manager or similarly placed officer who is the chief executive reporting to the board a council
1.1 STATEMENT OF PROBLEM
The statement of this study in the use of accounting information in public corporation, NNPC as a case study considering the behavior relationship the uses of accounting information in public corporation.
1.2 THE PURPOSE OF THE STUDY
The purpose of the study were to examine how useful accounting information is in public corporation.
1.3 SIGNIFICANT OF THE STUDY
This study is deducted; the result could help the management and board of directors to show its stewardship and Accountability in the operational activities of their workers.
While trying to obtain information from correspondents, certain drawbacks were encountered which under data collection. The reluctance of some of key officer to release records which are labeled as “sensitive” and “confidential” posed a limitation to the scope of study. The fact that there is a limit within which to submit this work was a limitation in itself.
As a private student, my financial resources are limited and this also acted constraint
1.5 DEFINITION OF TERM
- Budget: According to the terminology of the institution of cost and management accountability, budgeting is a plan, quantified in monetary terms, prepared and proved prior to defined period of time, usually showing planed income to be generated and/or to be employed to attain a given objectives.
- Budget Control: Is the establishment of budgets relating to responsibilities of executive to the requirement of a policy end the continue compassion of actual with budgeted result either to cure by individual action, the objectives of the policy or to provide a basis for it revision
OBJECTIVE OF BUDGETARY CONTROL
The objectives of budgetary control are to:
- Combine the ideas of all levels of management during budgetary preparation.
- Centralize control
iii. Show management when action is needed to remedy a situation.
- Plan and control income and expenditure.
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